INDIA STEEL SCRAP: Markets pare losses on lower availability

The cost of containerized ferrous scrap imported into India pared losses in the week to Friday July 10, on lower availability and regular, albeit low key consumer buying, at higher prices, sources told Fastmarkets.

The markets are expected to come under renewed pressure in the coming weeks as steel production capacity utilization is well down from maximum at around 60%, with more steel being punted domestically as some delivery settlements into China have been cancelled.
Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India at $279.17 per tonne on July 10, up from $270.18 per tonne a week earlier.
Trade sources reported one deal for steel shredded scrap done at $275 per tonne, with offers ranging between $267.50 and $285 per tonne.

“Indian steelmakers are operating at about 60% of their nameplate production capacity and we see that lasting through July,” one Indian source said. “The Indian steel scrap market looks steady in the next couple of...

Published

Declan Conway

July 10, 2020

17:17 GMT

Galway